Sunkar Resources said it had received the first chunk of its payment for work on a new railway line in Kazakhstan.
Last week the firm announced its subsidiary, Temir Service, had signed an earth moving contract for the new railway line.
The contract is worth KZT1.2bn - around $8.1m - and the company has now received its first payment, equivalent to 30% of the contract.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The prepayment of KZT 361m, is worth around $2.4m at current exchange rates.
The work is scheduled to be completed during the second quarter of 2013 and the company expects the revenue to make a significant contribution to the working capital of the company.
Sunkar is hopeful the deal will mean it can retain core qualified personnel for next year's mining season.
MM
-
Nvidia's earnings live: China trade the key question for semiconductor giant’s resultsNvidia's shares have opened strongly ahead of its earnings, as analysts question whether Blackwell sales can make up for lost China revenue following Trump’s trade crackdown
-
8 of the best lakeside properties for saleThe best lakeside properties – from a house on the southeastern shore of Loch Lomond, to a 15th-century hall overlooking a lake in King’s Lynn, Norfolk
